Motor InsuranceTwo Wheeler Insurance
Table of ContentsTwo-Wheeler Insurance Policy
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Two-Wheeler Insurance Policy
Factors for premium
- IDV (Insured Declared Value)
- CC (Cubic Capacity of Engine)
- Registration Zone
Zone A:Delhi, Kolkata, Mumbai, Chennai, Ahmedabad, Pune, Bangalore & Hyderabad.
Zone B:Rest of India.
- Age of Vehicle
- Add on Covers
- NCB (No claim bonus)
- Financial Protection: Two-wheeler insurance provides financial cover in case of expenses incurred following an accident, theft, or third-party liabilities, without burning a hole in your pocket.
- Accidental Injuries: Not only does the policy cover damages sustained by your vehicle in an accident but also covers any accidental injuries that you may suffer following an accident.
- Cost of Spare Parts: The cost of replacement of parts damaged following an accident is covered under the policy. which have become costlier than before.
- Roadside Assistance: At the time of policy purchase, you can opt for roadside assistance that will come to your aid in case you are stuck on the road. This includes services such as towing of vehicles to the nearest workshop, minor repairs, flat tyre, etc.
- Peace of Mind: Any damage to your vehicle can lead to huge repair charges. So, get your vehicle insured under package policy, and let your insurers take care of the unwanted expenses and ride without any worries
- Any loss or damage caused to the vehicle due to road accidents, Natural Calamities: Fire, explosion, self-ignition or lightning, earthquake, flood, typhoon, hurricane, storm, tempest, inundation, cyclone, hailstorm, frost, landslide, rockslide, etc.
- Any loss or damage caused to the vehicle due to Manmade Calamities: Burglary, theft, riot, strike, malicious act, accident by external means, any damage in transit by road, rail, inland waterway, lift, elevator, or air in India.
- Personal accident cover: The motor insurance provides compulsory personal accident cover of Rs. 1 lakh for individual owner-driver of the vehicle insured while traveling on, mounting, or dismounting from the vehicle.
- Third-party legal liability: Protects the insured against legal liability arising due to accidental damages, any permanent injury/ death of a person, and/or any damage caused to the property belonging to the third parties.
- Depreciation, wear and tear
- Mechanical and electrical failure or breakdowns
- Drunken driving
- Any accident, loss, damage and or liability caused, sustained or incurred outside the Geographical Area;
- Any claim arising out of any contractual liability;
- Any accident, loss, damage and/or liability can be sustained or incurred whilst the Motor Vehicle is
- Being used otherwise than in accordance with the Limitations as to use or
- Being driven by any person other than a Driver as stated in the Driver's clause.
- Any accident loss or damage to any property whatsoever or any loss or expense whatsoever resulting in or arising there from or any consequential loss
No Claim Bonus
The insured is entitled to a No Claim Bonus (NCB) on the Own Damage section of the policy, if no claim is made or pending during the preceding year (s), as per the following table:
|Period of Insurance||% of NCB on OD Premium|
|The preceding year||20%|
|Preceding two consecutive years||25%|
|Preceding three consecutive years||35%|
|Preceding four consecutive years||45%|
|Preceding five consecutive years||50%|
No Claim Bonus will only be allowed provided the policy is renewed within 90 days of the expiry date of the previous policy.
The schedule of depreciation for fixing the IDV of the vehicle
|Age of Vehicle||Depreciation|
|Not Exceeding 6 Months||5%|
|Exceeding 6 Months but not exceeding one year||15%|
|Exceeding 1 Year but not exceeding two years||20%|
|Exceeding 2 Years but not exceeding three years||30%|
|Exceeding 3 Years but not exceeding four years||40%|
|Exceeding 4 Years but not exceeding five years||50%|
IDV of vehicle beyond 5 years of age and of obsolete models of vehicles is to be determined on the basis of an understanding between the insurer and the insured. IDV shall be treated as market value throughout the policy period without any future depreciation for the purpose of total loss (TL) / Constructive Total Loss (CTL) claim.
In the event of loss, the following actions to be taken immediately. To intimate to the insurer about the occurrence of loss, submit a full statement in writing of the claim, provide the nature and extent and estimate of loss. Any delay in intimation might jeopardize the claim as the insurer may express an inability in accepting liability of the loss/damage.
- To take all steps to reduce and minimize the extent of loss/damage and liability.
- Proximate cause of the loss and assess the type/extent and whether it is within the scope of the policy.
- To extend full co-operation to the insurer and the surveyor appointed for completion of the survey work and for proper assessment of the loss.
- Provide documents such as claim form, copy of Policy, DL, RC copy etc.
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